The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities? MCQ with Answer and Explanation

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The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?

A. Cereals, pulses, oilseeds, edible oils and onion

B. Petroleum and diesel

C. Fertilizers

D. Medicines

Answer: Option A

Solution (By JKSSB Mock Tests)

The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a measure of economic inequality?

A. Only unemployment rate

B. Human Development Index as a pure inequality measure

C. Gini coefficient, Lorenz curve and Theil index

D. Only GDP growth rate

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Correct Answer: Option C

Explanation:
The Gini coefficient, Lorenz curve and Theil index are standard measures used to quantify the degree of inequality in the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on circus and theatre performances is:

A. 12%

B. exempt for certain theatre and circus performances

C. 18%

D. 0%

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Correct Answer: Option B

Explanation:
Certain theatre and circus performances are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Pradhan Mantri Gram Sadak Yojana' was launched in:

A. 1995

B. 2000

C. 2010

D. 2005

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Correct Answer: Option B

Explanation:
PMGSY was launched in 2000.

This question belongs to: Economy GK Economy Set 1

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